Real Estate Journal — Pennsylvania — December 8 - 21, 2017 — 3C


M id A tlantic

P ennsylvania Cognetti and Miller broker sale of 150 Grove St.

Hinerfeld Commercial Real Estate brokers the sale of former 166,499 s/f Grove Textiles, Dunmore


revolutionary “live-work-play” response to the generation’s endured economic and social factors to date. The urban redevelopment of downtown is going on right before our eyes. Shared office space, the rental vs. the purchase of just about everything continues keeping the workforce agile and flex- ible for the next economic op- portunity from coast to coast. The application of Penn’s Northeast in pursuit of the cor- porate giant, Amazon, to bring its headquarters here was an exciting and fitting example of a region eager to grow and

prosper once again using some of the old bones of prior facilities to compete in the modern era. Along with downtown regions improving, the I-81 corridor is one of the fastest growing mar- kets for industrial/logistics use in the country and is a hotbed for investment dollars from eq- uity groups nationwide. John Cognetti , president of Hinerfeld Commercial Real Estate and Certified Commer- cial Investment Member and member of the Society of In- dustrial and Office Realtors , and ElijahMiller brokered the sale. n

unmore , PA — Hinerfeld Commercial Real Estate brokered

the sal e o f 150 Grove St. in Dunmore. The property has sold to a coffee manu- facturer from NJ to move its operations to PA. Until the 90’s, the 166,499 s / f facility op- erated as a silk mill and provided hun- dreds of jobs to the com- munity dur- ing the boom-

John Cognetti

150 Grove St.

Elijah Miller

ing post-WWII era. The initial portion of the building was constructed in 1919 with mul- tiple additions added through the 60’s to accommodate its changing manufacturing needs. This is an exciting opportunity for Dunmore. There will once again be walkable manufactur- ing jobs at this property – a trend which is on the rise. This trend will benefit Lackawanna and Luzerne county communities full of under-utilized or vacant industrial properties located in neighborhoods which used to be in full operation. People used to walk to work – saving cost of ad- ditional vehicles and expenses. Living near the workplace was a norm for the local communities and we can expect manufactur- ers to look for comparable prop- erties in neighborhoods around the greater Scranton/Wilkes- Barre area since the cost savings to families is an economic benefit given to the workers without a tax to the company. The costs to operate in New Jersey in combination with the pressure owners of industrial properties are facing to decide the greater return lies with the redevelopment of apartments is pushing manufacturers west. As a brokerage firm, we are hopeful that economic develop- ment organizations throughout the northeast work together to create a greater product than that sum of its parts as a united northeastern Pennsylvania to capture such opportunities for growth. Keeping jobs close to home and improved public trans- portation will keep the area competitive for the ever-in- creasing millennial work- force percentage known for its

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